The Korean daily media headlines and humor
The Korean daily media headlines and humor
  • Lee Kyung-sik
  • 승인 2018.04.11 17:47
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The Korean daily media headlines and humor

Wednesday, April 11, 2018

Your Excellency:

Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:

If the Headlines are no longer desired, please advise us at: or

Very Respectfully Yours


Lee Kyung-sik


Korea Post Media


Round-up of important news stories from major Korean dailies today:

The Korea Post media ( in English, ( in Korean.

S. Korea confident about advanced radar development

South Korea said Wednesday it's confident about developing its own advanced radar system for envisioned indigenous combat jets.The defense authorities launched the 360-billion-won (US$338 million) program in 2016 to acquire an active electronically scanned array (AESA) radar system.It's part of the ongoing KF-X fighter development project, worth 8.8 trillion won, to replace the Air Force's aging fleet of F-4 and F-5 jets.The state-run Agency for Defense Development is leading the radar initiative. It has a contract with Hanwha Systems, a local defense firm, for the production of a prototype.The Defense Acquisition Program Administration (DAPA), the state defense procurement agency, formed a panel to review the feasibility of the program.

S. Korea's jobless rate rises to 4.5 pct in March

South Korea's jobless rate moved up slightly in March due to a rise in unemployment in the retail and educational service sectors, government data showed Wednesday.The unemployment rate stood at 4.5 percent last month, up 0.4 percentage point from a year earlier, according to the report compiled by Statistics Korea.The seasonally adjusted jobless rate also rose to 4 percent in March, from 3.6 percent a year earlier, the data showed.The number of employed people reached 26.55 million in March, up 112,000 from a year earlier, slightly rising from the previous month's jump of 104,000, according to the report compiled by Statistics Korea.The unemployment rate for young adults -- those aged between 15 and 29 -- was 11.6 percent, compared with 11.3 percent a year earlier.The employment rate remained unchanged at 66.1 percent from a year earlier, with the corresponding figure for young people at 42 percent, up 0.6 percentage point over the cited period.

Amb. Derragui hosts reception to mark International Women’s Day of Algeria

On the occasion of the International Women’s Day of Algeria, Ambassador and Mrs. Mohammed El Amine Derragui hosted a reception at Hotel Banyan in Seoul on March 10, 2018.The meeting was attended by an estimated 200 Korean and international dignitaries who included President Lee Bo-suk 21st Century International Creative Artists Association, Professor Yun eun-kyeong Hankuk University of Foreign Studies, President Anne K. Choe Seoul International Women’s Association, Journalist Thierry Laplanche of Korean Broadcasting System, and Producer Yun woo-mi of the same Broadcasting System.Speaking to the guests, Ambassador Derragui stated, « After playing a key role during the National War of Liberation against colonialism, Algerian women participate actively to the management of the country’s affairs in all the domains.



N. Korea to Hold Supreme People's Assembly Wednesday

North Korea will hold a major parliamentary meeting on Wednesday in Pyongyang ahead of upcoming summits with South Korea and the U.S.The session of the Supreme People's Assembly, which convenes once or twice a year, comes after North Korean leader Kim Jong-un discussed the upcoming summits at a meeting of the Political Bureau of the party's Central Committee on Monday. The assembly is expected to discuss a state budget plan for next year and replace members of its Standing Committee. The Korean Central News Agency had reported on March 22nd that the Presidium of the Supreme People's Assembly decided to hold the sixth session of the country's 13th assembly on April eleventh in Pyongyang. The North's parliament is the highest organ of state power under the country's constitution, but it usually rubber-stamps decisions on governing structures and budgets created by the powerful Workers' Party of Korea.

S. Korea's Jobless Rate Hits 17-Year High in March

South Korea's employment conditions appear to be at their worst with monthly job growth staying below 100-thousand for the second consecutive month in March.According to data by Statistics Korea on Wednesday, the number of people with jobs stood at 26-point-five million in March, up 112-thousand from a year earlier.In February, the job growth marked an eight-year low of 104-thousand.The number of jobless people came to one-point-25 million last month, the third consecutive month that unemployment stayed above the one million mark.The jobless rate reached four-point-five percent in March, the highest rate for the month since 2001 when it hit five-point-one percent.The unemployment rate for young people, aged between 15 and 29, came to eleven-point-six percent, the highest March figure since 2016.

Union of Shipbuilder STX Agrees on Restructuring Plan

Unionized workers of cash-strapped shipbuilder STX have agreed to a restructuring plan. The labor union of STX Offshore & Shipbuilding completed negotiations with management at around 6 p.m. on Tuesday and then submitted a letter expressing its commitment to the plan to the company’s main creditor and largest shareholder, Korea Development Bank(KDB). KDB initially set Monday as the deadline for the labor union’s agreement, threatening to place the company under court receivership if the deadline was not met. The state-run bank, however, is known to have changed its stance and plans to review the workout plan and decide on whether or not to call for court protection for the shipbuilder through consultations with the government. The details of the restructuring plan have not been disclosed.


Yonhap (

Tax agency to release detailed data on taxpayers' income

Data on taxpayers' income will be made public in greater detail for use by both the government and individuals, officials said Wednesday.Starting with this year's tax statistics, which are announced at the end of every year, the National Tax Service (NTS) will disclose income brackets divided by 10 percent each, the officials said. The statistics may be further broken down into brackets by 1 percent each, they said.The disclosure was included in new administrative policies announced by the NTS at the start of this year. The information provided will be used by the government in executing its policy of income-led economic growth, while individuals can use the data to find out their exact income levels, officials said. Corporate income records are opened to the public through the yearly announcement of tax statistics, but records on individual income are provided on a strictly limited basis, such as at the request of the National Assembly.

State pension fund logs losses in stock investment in Q1

South Korea's national pension operator reported losses in its stock investment in the first quarter of this year, due mainly to the poor performance by major local equities amid unfavorable external conditions, a market research firm said Wednesday.The value of 302 company stocks in which the National Pension Service (NPS) holds more than a 5 percent stake came to 121.22 trillion won (US$113.92 billion) as of the end of March, down 2.01 percent from the end of 2017, according to the data by FnGuide Inc.The NPS' investment tally comes as the main KOSPI fell 0.88 percent and the secondary KOSDAQ grew 9.1 percent in the January-March period. The losses were incurred by weak investor sentiments due to simmering concerns over trade wars between the United States and China, and the subsequent bleak business prospects for major companies, according to analysts.

S. Korea's exports soar 25.8 pct in first 10 days of April

South Korea's exports jumped 25.8 percent on-year during the first 10 days of April on the back of brisk sales of chips and petrochemical goods, customs data showed Wednesday.The country's outbound shipments reached US$14.03 billion in the April 1-10 period, according to the data from the Korea Customs Service.The customs office said that daily average exports, which reflect working days, grew 17.4 percent on-year to $1.87 billion compared to a year earlier.The country's exports have been growing since November 2016.By product, outbound shipments of semiconductors surged 46.1 percent, with petrochemicals and ships rising 44.6 percent and 66.1 percent, respectively.


The Korea Herald (

NK leader makes first official mention of dialogue with US

North Korean leader Kim Jong-un has briefed top ruling party officials on the prospects for dialogue with the United States, the North’s state media said Tuesday. It marks Kim’s first official comment on the diplomatic overtures he has made toward Seoul and Washington since January. Kim gave a “profound analysis and appraisal” of inter-Korean ties and potential talks with the US at a meeting of the Political Bureau of the Central Committee of the Workers’ Party of Korea held Monday, according to the Korean Central News Agency.

Will Trump travel to Pyongyang for summit?

With US President Donald Trump and North Korean leader Kim Jong-un officially announcing their first meeting, the focus is now on where would be the ideal place to convene the historic summit to resolve the decades-old nuclear crisis. In a cabinet meeting on Monday in Washington, Trump said he plans to meet Kim next month or in early June to discuss the denuclearization of North Korea. The North’s state-run media reported Tuesday that Kim made the first official mention of the summit during his meeting with party officials Monday. The two countries have kicked off their working-level discussions with a focus on determining the location for the summit, prompting a flurry of speculations over which places suit the interests of both the US and North Korea.

Samsung BioLogics shares hit record-high, making it Kospi’s 3rd most valuable firm

Shares of Samsung BioLogics, a contract drug manufacturer under South Korea’s Samsung Group, hit an all-time high of 600,000 won ($564) on Tuesday morning, following news reports suggesting that the electronics giant is increasing direct stakes in its biopharma subsidiaries.It marks a 341 percent jump from the firm’s initial offering price of 136,000 won set at the time of its initial public offering in November 2016.With the recent share price hike, Samsung BioLogics has become the third-largest company traded on the Kospi, as its market capitalization of 38.3 trillion won now exceeds that of Korea’s biotech powerhouse Celltrion.


The Korea Times (

Gwanghwamun Square will turn into 'history park' by 2021

Gwanghwamun Square will become nearly four times bigger than it is, while the area in front of the "old gate," three times the size of Seoul Plaza, will be designated exclusively for pedestrians. The boulevard, currently 10 lanes wide, will be narrowed to six lanes. The six-lane road will be along the side of the National Museum of Korean Contemporary History, the U.S. Embassy, and the KT and Kyobo buildings. The vehicle road along the Government Complex building, the Foreign Ministry and the Sejong Center side will be converted into a pedestrian area. Construction will begin in January 2020 and be completed by May 2021 at a cost of 99.5 billion won. It was in 2009 when the current layout was established.

South Korea confident about advanced radar development

South Korea said Wednesday it's confident about developing its own advanced radar system for envisioned indigenous combat jets.The defense authorities launched the 360-billion-won (US$338 million) program in 2016 to acquire an active electronically scanned array (AESA) radar system.It's part of the ongoing KF-X fighter development project, worth 8.8 trillion won, to replace the Air Force's aging fleet of F-4 and F-5 jets.The state-run Agency for Defense Development is leading the radar initiative. It has a contract with Hanwha Systems, a local defense firm, for the production of a prototype.The Defense Acquisition Program Administration (DAPA), the state defense procurement agency, formed a panel to review the feasibility of the program.

Moon slams gov't over trash crisis

President Moon Jae-in has rebuked the environment ministry and related government organizations for failing to prepare preemptive countermeasures against the confusion in recycling although the crisis had been predicted months ago.He also apologized to the people for causing inconvenience, pledging to come up with a comprehensive policy on domestic waste management.The reprimand came Tuesday, about a week after residents in parts of Seoul and the surrounding areas experienced the havoc of ineffective waste-management for a couple of days after private recycling companies refused to collect recyclable plastic bags, bottles and styrofoam, citing their commercial non-viability as China banned foreign imports of trash for environmental reasons.


Chosun Ilbo (

Peace House Being Spruced up for Inter-Korean Summit

Feverish renovations and construction of new dining halls are underway at the Peace House in the truce village of Panmunjom for a historic inter-Korean summit on April 27.The Unification Ministry is also preparing for future cross-border talks by building a new border office some 5 km from the truce village.Cheong Wa Dae officials visited Panmunjom on Tuesday to check up on progress, four days after a visit by ministers and other senior officials related to national security."Renovation began last Friday," a senior presidential official said. "People are working hard there day and night."

Japanese FM Arrives for Talks

Japanese Foreign Minister Taro Kono arrived in Seoul on Tuesday afternoon for a two-day visit.He meets with his South Korean counterpart Kang Kyung-wha after paying his respects at the National Cemetery in Seoul on Wednesday morning. He will then pay a courtesy call on President Moon Jae-in and also meet with National Intelligence Service Director Suh Hoon to be briefed on how Seoul is preparing for an inter-Korean summit slated for April 27.He returns to Japan late Wednesday night. It is the first time in two years and four months that a Japanese foreign minister has visited Seoul, and the first time in 14 years that one has visited the National Cemetery.

Korea Consumes Most U.S. Beef Per Capita in the World

Korea ranked first on the list of countries by U.S. beef consumption per capita last year, amid easing fears over mad cow disease that had lasted more than a decade. According to a report by the U.S. Meat Export Federation on Monday, Korea imported US$1.22 billion worth of American beef in 2017, making it the second largest importer after Japan with $1.89 billion. It accounts for 17 percent of overall U.S. beef exports.


HanKyoReh Shinmun (

USKI’s reporting practices at heart of censorship controversy

Though the Liberty Korea Party and the South Korean conservative press claim that the suspension of funding to the US-Korea Institute (USKI) constitutes blackballing by the administration of Moon Jae-in, the controversy is rooted in the fact that the USKI received more than 20 billion won (US$18.9 million) in funding over 12 years without letting the government and the National Assembly know how it was spending that money. Jae H. Ku, who has now been USKI director for 11 years, has reportedly gone beyond “guaranteeing the independence of a research institute” on numerous occasions. He recently appropriated US$80,000 from his budget without making a report about it.

KORUS FTA caused major losses to South Korean beef, pork and soybean industry

South Korea’s agriculture, livestock, and seafood industries suffered around one trillion won (about $1 billion) in production losses in the five years after the South Korea-US Free Trade Agreement (KORUS FTA) took effect, a report shows.An assessment report on post-FTA conditions submitted to the National Assembly by the Ministry of Trade, Industry and Energy on Apr. 9 showed US livestock product imports averaging US$7.3 billion per year over the five years from 2012 to 2016 after the FTA went into effect. The average was up by 14.8% from US$6.36 billion for the five years before the agreement (2007–2011). At the same time, South Korea’s average agriculture and livestock product exports to the US rose 46.7% from US$400 million before the FTA to US$590 million after it entered effect.

Samsung bribery amount emerges as issue in Park Geun-hye case

With the recent first trial ruling against former President Park Geun-hye, three courts have now delivered three separate judgments on the amount of bribes provided by Samsung Electronics vice president Lee Jae-yong, one of the key issues in court cases related to the influence peddling scandal. While Park stands to face a sentence of life or over ten years in prison if convicted of receiving more than 100 million won (US$93,000) in bribes, Lee’s fate is expected to be decided by the Supreme Court, with sentencing hinging on the standard of 5 billion won (US$4.65 million) in misappropriated funds connected with the total bribes offered.


JoongAng Ilbo (

Trump predicts ‘de-nuking’ deal ahead

U.S. President Donald Trump said Monday he planned to meet North Korean leader Kim Jong-un next month or in early June, adding he hoped to “make a deal” on denuclearization. Speaking to reporters ahead of a cabinet meeting on foreign policy at the White House, Trump said, “We’ve been in touch with North Korea - we’ll be meeting with them sometime in May or early June.”The president added that a meeting “is being set up with North Korea,” confirming in person that preparations for a summit are in progress, in line with reports over the weekend of direct back-channels of communication being used by the two countries.“I think there’ll be great respect paid by both parties, and hopefully we’ll be able to make a deal on the de-nuking of North Korea,” he continued. “They’ve said so; we’ve said so. Hopefully, it will be a relationship that’s much different than it’s been for many, many years.”

Korea forces shutting of Johns Hopkins research center

Johns Hopkins University is expected to shut down its 12-year-old U.S.-Korea Institute (USKI) next month amid controversy over the South Korean government cutting off its funding. Some 20 billion won ($18.8 million) has been invested in the institute by Seoul since it was founded in 2006 as the only think tank specializing on Korean Peninsula issues in Washington. But the USKI at Johns Hopkins School of Advanced International Studies (SAIS) is expected to be shuttered on May 11, after the institute accused the Blue House of attempting to replace its director, Jae H. Ku, and its assistant director, Jenny Town.The state-affiliated Korea Institute for International Economic Policy (KIEP) earlier this month notified the school that it will cut off its funding to the school after May. The KIEP claimed this was in compliance with a request from the South Korean National Assembly to increase transparency of its programs. The Blue House this week denied it had any role in the cutting off of funds for USKI, and KIEP said it acted independently.

Samsung Securities’ shares keep nosediving

Samsung Securities may be facing a big bill for its so-called “fat finger” trading mistake last Friday. Its market value nosedived as the company and local financial authorities continued to scramble to find out the damage to investors. An employee of the brokerage firm mistakenly sent 2.8 billion “ghost shares” to fellow employees instead of 2.8 billion won ($2.6 million) in dividends. While most of the employees realized a mistake had been made, 16 tried to profit from the blunder and offloaded about 5.01 million shares on the market.


The KyungHyang Shinmun (

"Kim Yong-chol Sat Next to Kim Jong-un During North Korea-China Summit; Key Figure in NK's Korean Peninsula Policy"

On April 9, Minister of Unification Cho Myoung-gyon said Kim Yong-chol, the vice chairman of the Central Committee at the Workers' Party of Korea cum director of the United Front Department was playing an important role in policies concerning the Korean Peninsula in general and not just in inter-Korean relations. This day, Minister Cho met with reporters and said, "Vice Chairman Kim sat right next to Kim Jong-un, chairman of the State Affairs Commission during the summit with China, which showed that he played an important role in a range of areas including foreign relations and nuclear issues. We indirectly confirmed that he had an important part in issues concerning the Korean Peninsula in general, in a broader area than just inter-Korean relations."

"Steel and Automobile Exports to U.S. Surged Because of Increased Demand, Not Because of the FTA"

South Korean exports of steel and automobiles to the U.S. increased sharply after the free trade agreement (FTA) between South Korea and the U.S. came into effect, but a government analysis shows that the surge in exports was due to increased U.S. demand rather than the effects of lower tariffs following the FTA. On April 9, the Ministry of Trade, Industry and Energy made the announcement based on a study commissioned by the ministry, "The Korea-U.S. FTA Implementation Status Assessment Report," conducted by the Korea Institute for International Economic Policy (KIEP), the Korea Rural Economic Institute, and the Korea Maritime Institute.

Business Trips Paid by Firms under His Supervision: Is the Explanation by Financial Supervisory Service Governor Kim Ki-sik Sufficient?

Kim Ki-sik, governor of the Financial Supervisory Service is at the center of controversy, for it was recently revealed that he had gone on three overseas business trips funded by organizations under his supervision, including financial institutions, when he served as a lawmaker in the 19th National Assembly. While serving as a member of the parliamentary Committee for Political Affairs, Kim went on business trips to Uzbekistan, China and India, and the U.S. and Europe paid by the Korea Exchange, Woori Bank, and the Korea Institute for International Economic Policy (KIEP) respectively in March 2014 and May 2015. The Liberty Korea Party argues that Kim enjoyed the overseas trips as a result of lobbying by institutions under his supervision. Kim submitted documents on April 8 and said, "I am very sorry after hearing that my actions did not meet the expectations of the people." However, he claimed that the purpose of the business trips was public. He also refused the opposition party's request for him to step down.


AJU Business Daily (

Hyundai to operate test project for hydrogen-fueled vehicles in China

As an apparent catch-up for its business setback in the world's largest car market, South Korea's top carmaker, Hyundai Motor, hopes to test run hydrogen fuel cell electric vehicles (FCEVs) in China this year.Unlike other global players which focused on the development of full electric vehicles, Hyundai has pinned much hope on FCEVs, and its new FCEV car, NEXO, hit the domestic market in March. NEXO's overseas sales will be made in the second half of this year.According to industry officials, Hyundai will carry out an FCEV test probably in July in a joint project involving its Chinese branch, Hyundai Motor Group China Ltd., and China Association of Automobile Manufacturers, an affiliate of China's Department of Science and Technology.

LG Chem and China's Huayou team up to produce battery materials

Huayou Cobalt, a major cobalt supplier in China, has teamed up with South Korea's LG Chem for the joint production of key materials for lithium-ion batteries which are used widely for electric vehicles.LG Chem said Wednesday that it would invest 240 billion won (226 million US dollars) in two joint factories with Huayou Cobalt to produce precursor and cathode materials with an annual production capacity of 40,000 tons each. Production will begin in 2020.LG Chem, one of the world's largest lithium-ion batteries, said that the partnership with Huayou Cobalt would enhance its global competitiveness. LG Chem, which has a battery plant in China, is building another plant for electric vehicles in Poland.

British carmaker Jaguar to adopt EV batteries from Samsung SDI

Jaguar Land Rover, a British carmaker known for sport utility vehicle (SUV) brand Land Rover, will use Samsung SDI batteries for its first plug-in hybrid electric vehicles (PHEVs).Jaguar plans to release New Range Rover PHEV in the latter half of this year, auto industry officials said. New Range Rover is an iconic luxury SUV model and its PHEV model features a connected smart system which provides convenient driving experience.Along with Samsung SDI, which supplies batteries to other carmakers such as BMW and Volkswagen, LG Chem provides batteries to Jaguar for I-PACE, a full electric SUV, demonstrating the reliability of South Korean batteries.


Maeil Business News Korea (

KDB set to file court receivership for STX Offshore

South Korea’s mid-sized shipbuilder STX Offshore & Shipbuilding Co. will be placed under court protection again, nine months after graduating from court-led restructuring for survival in July 2017. State-run Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding, said Tuesday that it decided to file for court receivership with the Changwon District Court as the debt-ridden shipbuilder failed to submit a self-rescue plan due to opposition from its union workers.

Electric cars with S. Korean batteries excluded from receiving subsidies in China

The Chinese government has once again excluded electric vehicles equipped with South Korean batteries from its subsidies list, turning down hopes of Korean lithium-ion battery manufacturers to expand business in the neighboring country where demand for green cars is burgeoning. According to multiple industry sources on Tuesday, car models loaded with batteries manufactured by Korean suppliers have been excluded from the list of new energy vehicles qualifying for subsidies recently released by China’s Ministry of Industry and Information Technology. The list - which is the third of its kind - newly included 304 models by 94 manufacturers but it did not include a single model quipped with Korean batteries.

KTB Invest to become first Korean brokerage to list on Thai bourse

KTB Investment & Securities Co. is set to become the first Korean securities firm to go public on the Thai stock market. According to industry sources on Monday, the firm’s local entity KTB Securities Thailand filed an application to Thailand’s Securities and Exchange Commission, with an aim to go public on the Stock Exchange of Thailand by the end of the year. KTB Securities Thailand said it plans to use the capital from its initial public offering (IPO) to expand its investment banking business in equity and debt capital markets. It also expects the upcoming IPO to help it build up a secure client base of institutional investors and strengthen its local network. Following the IPO, it is seeking to transform into a full-service brokerage that offers a range of services from retail investment to investment banking.


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